Six key risk areas merit attention in 2013 audit cycle

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November 13, 2018

Six key risk areas merit attention in 2013 audit cycle Auditing of internal control over financial reporting, a topic that has received a lot of attention from the PCAOB this year, is among the key risk factors for the 2013 audit cycle, according to a new Center for Audit Quality (CAQ) alert. the alert describes […]

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Six key risk areas merit attention in 2013 audit cycle

Auditing of internal control over financial reporting, a topic that
has receed a lot of attention from POB this year, is among
key risk factors for 2013 audit cycle, according to a new Center
for Audit Quality (Q) alert.

alert
describes six key areas of potential risk in auditors’ work. Many of
areas have been subject of recent POB reports. six areas are:

1. Internal control over financial reporting.
POB issued an
audit pctice alert in October on applying brd ards to audits
of internal control over financial reporting. In December 2012,
POB issued a
report on common to avoid in audits of internal control over
financial reporting. Q report summarizes areas of focus in
October audit pctice alert. “Undering flow of tnsactions
and identifying risks of material misstatet—including types
of potential misstatets that n occur and likely sources of
those potential misstatets—is necessary for auditor to select
appropriate controls to test and to evaluate wher those controls
adequately address risks,” report says.

2. Professional skepticism. requiret for
auditor to professional skepticism was topic of a PCAOB audit practice
alert
in December 2012. Auditors should maintain a questioning
mind and have confidence to challenge managet representations
after garing and evaluating appropriate evidence, according to
Q report.

3. Engaget quality review. Earlier this month,
POB released a
report advising audit fir to take steps to make sure that engaget
quality reviews identify audit deficiencies y are meant to
detect. Q report advises engaget quality reviewer to
rry out responsibilities with objectity and applition of due
re, with firm appropriately addressing reviewer’s findings
before issuing audit report.

4. Accounting estimates, including fair value
estimates.
When evaluating how reasonable an estimate is,
auditors normally focus on inputs and assumptions that are signifint
to estimate; are sensite to variations; deviate from historil
patterns; and are subjecte and susceptible to misstatet and bias,
Q report says.

5. Substante analytil procedures. Although
substante analytil procedures may be effecte for relevant
assertions related to certain accounts, se procedures may not
always be effecte in providing appropriate level of assunce,
according to Q report.

6. Inaccute or omitted disclosures. Auditors should
communite to managet or audit committee, as appropriate,
wher financial statets are presented fairly in all material
respects, in conformity with applible financial reporting
fmework, Q report says.

Q, which is affiliated with AICPA, plans to update
alert at least annually.

Ken Tysiac (
ktysiac@aicpa.org
) is a JofA senior editor.


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